Contents: WHY SOUTH AFRICA • WHY DIVEST? • WHY D.C. COUNCIL BILL 5-18? • WHAT CAN I DO? • Pamphlet asking people to support District of Columbia Bill 5-18 by attending a City Council vote on September 3 at the City Council Chambers. The pamphlet briefly describes apartheid and the exploitation of blacks in South Africa. U.S. multinational corporations and banks have invested over $5 billion in South Africa, where racist laws help them earn huge profits - laws that keep black workers uneducated, unorganized and cheap. In turn, U.S. investments help the racist government hold on to power by strengthening the economy and military. These investments also take money away from D.C. that...
Contents: WHY SOUTH AFRICA • WHY DIVEST? • WHY D.C. COUNCIL BILL 5-18? • WHAT CAN I DO? • Pamphlet asking people to support District of Columbia Bill 5-18 by attending a City Council vote on September 3 at the City Council Chambers. The pamphlet briefly describes apartheid and the exploitation of blacks in South Africa. U.S. multinational corporations and banks have invested over $5 billion in South Africa, where racist laws help them earn huge profits - laws that keep black workers uneducated, unorganized and cheap. In turn, U.S. investments help the racist government hold on to power by strengthening the economy and military. These investments also take money away from D.C. that could be used to create jobs and revitalize neighborhoods. Following bills in Philadelphia, Michigan, Massachusetts, Connecticut and others, D.C. City Councilmember John Ray and four co-sponsors have introduced legislation which would require D.C. to withdraw investments from corporations and financial institutions which do business in South Africa. Bill 5-18 also would require the D.C. Office of Financial Managements to cease commercial and investment banking transactions with banks and brokerage houses which make loans to the government of South Africa, its national corporations and South African subsidiaries of U.S. corporations. The bill also would require the D.C. Retirement Board to withdraw pension fund investments from firms operating in South Africa. People are asked to urge City Councilmember to support Bill 5-18 and ask church, union or community group to publicity endorse the bill. The U.S. Congress reviews all D.C. laws; please write your Congressman in support of Bill 5-18.
